5. Definition. For the purposes of this section, "improvements" means the amount paid out for new buildings or for permanent improvements made to improve the facilities utilized by the licensee for conducting its racing meetings; or the amount expended in restoring property or in improving the facility or any part of the facility that results in the addition, replacement or substantial enhancement or restoration of a fixed asset or of a movable asset that is important to efficient operation of the racing meetings. In general, the amounts referred to as improvements include amounts paid that add to the value, improve or substantially prolong the useful life of the racetrack and moveable assets utilized by the licensee for conducting its racing meetings. Amounts paid or incurred for routine repairs and maintenance of property, interest expense or lease payments in connection with the capital improvements are not improvements within the meaning of this section. In order to qualify as an improvement, a substantial enhancement or restoration of an asset must cost at least $2,000 and must be an expenditure that would qualify for depreciation under the United States Internal Revenue Code. A moveable asset may be considered important to the efficient operation of a race meeting if the asset will remain at the commercial track or tribal commercial track or at the offices of the licensee throughout its use and if that asset is directly associated with running races, accommodating patrons of the race meet, conducting pari-mutuel wagering or paying purses.

Sec. 9. 8 MRSA §287, sub-§7, as enacted by PL 1999, c. 622, §2, is amended to read:

7. Interim payments to commercial tracks or tribal commercial track. If during the course of any calendar year the commission finds that wagers placed at facilities licensed under this chapter for the year are likely to exceed $35,000,000, it may, if reasonably necessary for improvements to be effected expeditiously, direct the Treasurer of State to make interim payments to a commercial track or tribal commercial track in amounts as the commission finds the commercial track or tribal commercial track is likely to be entitled to receive under this section. If a commercial track or tribal commercial track receives interim payments under this subsection that exceed the total amount the commercial track or tribal commercial track is entitled to receive for the calendar year, the Treasurer of State shall reimburse the General Fund for this excess by retaining money otherwise due to that commercial track or tribal commercial track pursuant to section 295.